Despondency of many shipowners after the repeal of the Navigation Laws—Advantage naturally taken by foreigners, and especially by the Americans—Jardine and Co. build vessels to compete with the Americans—Aberdeen "clippers"—Shipowners demand the enforcement on foreign nations of reciprocity—Return of prosperity to the Shipowners—Act of 1850 for the improvement of the condition of seamen—Valuable services of Mr. T. H. Farrer—Chief conditions of the Act of 1850—Certificates of examination—Appointment of local marine boards, and their duties—Further provisions of the Act of 1850—Institution of Naval Courts abroad—Special inspectors to be appointed by the Board of Trade, if need be—Act of 1851, regulating Merchant Seaman's Fund, &c.—Merchant Shipping Act, 1854—New measurement of ships—Registration of ships—The "Rule of the Sea"—Pilots and pilotage—Existing Mercantile Marine Fund—Wrecks—Limitation of the liability of Shipowners—Various miscellaneous provisions—Act of 1855.
Despondency of many shipowners after the repeal of the Navigation Laws. Considering the violent opposition offered by the great majority of shipowners to the repeal of the Navigation Laws, it is not surprising that their despondency, when the Act came into operation, knew no bounds. Many of them resolved—and a few acted upon the resolution—to dispose of their ships at whatever price they would fetch, others determined to register them under a foreign flag; but few, if any, carried out their determination in this respect. On the other hand, as might have been expected, foreign nations, and especially the United States,
